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The Canadian real estate market is hot. And the heat is spreading far beyond big cities. Home prices are up about 10 percent this year - double the long-term average.
To the end of September, year-over-year home prices in recreational property markets soared, driven by “Canadians’ ability to work remotely. The aggregate price of a single-family home in the recreational market rose 11.5 percent to $453,046. The aggregate price of a waterfront property increased 13.5 percent to $498,111.
Questions about a home’s internet are now a priority, and that more than half of new buyers are looking at recreational properties as full-time homes. Analysts say some of the increase is pent-up demand from the spring lockdown that paralyzed real estate.
Realtors don’t see the trend letting up — it’s forecasting demand and prices for recreational properties will keep increasing in the new year.
Reference: https://cutt.ly/dhIMzOz
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